Daily digest for Gupta Chandan & Associates, on July 15, 2022

posted: "INCOME TAX : Where petitioner i.e. nephew of original deceased assessee filed writ petition against, a reopening notice issued against him being an alleged legal representative/legal heir of assessee, factual matrix as to whether petitioner gained anythin" Gupta Chandan & Associates Writ can't be entertained on issue that person to whom notice issued wasn't legal representative of assessee: HC Jul 15 INCOME TAX : Where petitioner i.e. nephew of original deceased assessee filed writ petition against, a reopening notice issued against him being an alleged legal representative/legal heir of assessee, factual matrix as to whether petitioner gained anything from deceased assessee through its bank accounts and if so, whether said amount belonged to original assessee or […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/writ-cant-be-entertained-on-issue-that-person-to-whom-notice-issued-wasnt-legal-representative-of-assessee-hc/ Powered by Jetpack

posted: "Govt. amends the PML (Maintenance of Records) Rules, 2005. The definition of the 'officially valid document' has been relaxed by allowing the statement of foreign bank to be treated as 'officially valid document' for reporting entity is located in the IFS" Gupta Chandan & Associates Now 'statement of foreign bank' shall be treated as 'officially valid document' for reporting entity located in IFSC Jul 15 Govt. amends the PML (Maintenance of Records) Rules, 2005. The definition of the 'officially valid document' has been relaxed by allowing the statement of foreign bank to be treated as 'officially valid document' for reporting entity is located in the IFSC. Also national identity card and voter identification card, issued by the Govt. of foreign […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/now-statement-of-foreign-bank-shall-be-treated-as-officially-valid-document-for-reporting-entity-located-in-ifsc/ Powered by Jetpack

posted: "COMPANY LAW : Where appellant company had not filed annual returns with Registrar of Companies from year 2006-07 onwards and, its name was 'struck-off' from Register of Companies, in view of fact that company was carrying on business operation and right t" Gupta Chandan & Associates Co.'s was be restored when it was carrying on business and right to seek restoration didn't extinguish: NCLAT Jul 15 COMPANY LAW : Where appellant company had not filed annual returns with Registrar of Companies from year 2006-07 onwards and, its name was 'struck-off' from Register of Companies, in view of fact that company was carrying on business operation and right to seek restoration of name of company was not extinguished, name of company was […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/co-s-was-be-restored-when-it-was-carrying-on-business-and-right-to-seek-restoration-didnt-extinguish-nclat/ Powered by Jetpack

posted: "SEBI has permitted 155 reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. Reporting entities shall Include 123 Capitals, 5paisa Capital Limited, A C Agarwal Share Brokers Private" Gupta Chandan & Associates SEBI permits 155 reporting entities to perform authentication under the Aadhaar Act Jul 15 SEBI has permitted 155 reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. Reporting entities shall Include 123 Capitals, 5paisa Capital Limited, A C Agarwal Share Brokers Private Limited, A. K. Stockmart Private Limited, Abans Securities Private Limited , Abchlor Investments Private Limited, Etc.SEBI has […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/sebi-permits-155-reporting-entities-to-perform-authentication-under-the-aadhaar-act/ Powered by Jetpack

posted: "Govt. has further amended the Special Economic Zones Rules, 2006. New Rule 43A has been inserted, namely "Work from Home". Under this rule, A Unit may permit its employees, including contractual employees, as specified, to work from home or from any place" Gupta Chandan & Associates Govt. further amends SEZ Rules; inserts provisions w.r.t work from home for employees Jul 15 Govt. has further amended the Special Economic Zones Rules, 2006. New Rule 43A has been inserted, namely "Work from Home". Under this rule, A Unit may permit its employees, including contractual employees, as specified, to work from home or from any place outside the SEZ. The employees covered are employees of the IT and IT […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/govt-further-amends-sez-rules-inserts-provisions-w-r-t-work-from-home-for-employees/ Powered by Jetpack

posted: "The Government has approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as notified by the Ministry of Textiles for exports of apparel/garments and made-ups till March 31, 2024.The Governmen" Gupta Chandan & Associates Govt. extends RoSCTL scheme till March 31, 2024 for export of apparel/garments and made-ups: Press R Jul 15 The Government has approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as notified by the Ministry of Textiles for exports of apparel/garments and made-ups till March 31, 2024.The Government has approved the continuation of the Scheme for Rebate of State and Central Taxes […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/govt-extends-rosctl-scheme-till-march-31-2024-for-export-of-apparel-garments-and-made-ups-press-r/ Powered by Jetpack

posted: "INCOME TAX : Where even after acquisition of ultimate holding company of assessee, shareholding pattern of assessee-company remained same as its immediate holding company continued to have similar shareholding in assessee, there was no implication of sect" Gupta Chandan & Associates Club fee incurred in director's name allowable in hands of co. if it was wholly amp; exclusively for business purpose: ITAT Jul 15 INCOME TAX : Where even after acquisition of ultimate holding company of assessee, shareholding pattern of assessee-company remained same as its immediate holding company continued to have similar shareholding in assessee, there was no implication of section 79 in case of assessee and thus, assessee was to be allowed to brought forward and set-off lossesINCOME […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/club-fee-incurred-in-directors-name-allowable-in-hands-of-co-if-it-was-wholly-amp-exclusively-for-business-purpose-itat/ Powered by Jetpack

posted: "A simplified regulatory framework for e-commerce exports of jewellery through courier mode has been issued on 30.06.2022 by the Central Board of Indirect Taxes and Customs (CBIC) in the form of a Standard Operating Procedure (SOP).A simplified regulatory " Gupta Chandan & Associates Simplified regulatory framework for e-commerce exports of jewellery through courier mode: Press Rele Jul 15 A simplified regulatory framework for e-commerce exports of jewellery through courier mode has been issued on 30.06.2022 by the Central Board of Indirect Taxes and Customs (CBIC) in the form of a Standard Operating Procedure (SOP).A simplified regulatory framework for e-commerce exports of jewellery through courier mode has been issued on 30.06.2022 by the Central […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/simplified-regulatory-framework-for-e-commerce-exports-of-jewellery-through-courier-mode-press-rele/ Powered by Jetpack

posted: "INCOME TAX : Where assessee-company had been consistently making provisions for payment of expenses at end of each year and in case a short provision made, payment of such shortage was made by assessee when actual bills were received, in view of said meth" Gupta Chandan & Associates AO can't make sec. 69 addition relying upon assessee's valuation report without making reference to DVO : ITAT Jul 15 INCOME TAX : Where assessee-company had been consistently making provisions for payment of expenses at end of each year and in case a short provision made, payment of such shortage was made by assessee when actual bills were received, in view of said method of accounting being followed by assessee, prior period expenses being crystallized […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/ao-cant-make-sec-69-addition-relying-upon-assessees-valuation-report-without-making-reference-to-dvo-itat/ Powered by Jetpack